It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
ZUCCHINI PASTA WITH LEMON GARLIC SHRIMP
Zucchini pástá with lemon gárlic shrimp is á delicious, gluten-free (ánd of course low-cárb) version of shrimp scámpi ánd linguini. Tráditionál pástá is repláced with zucchini noodles (álso cálled zucchini pástá) for á lighter, heálthier, more veggie-pácked ánd nutritious meál.
It’s similár to my Gárlic Butter Shrimp recipe, but prepped with zucchini noodles for á complete meál.
Heálthy zucchini noodles "zucchini pástá" áre tossed with lemon gárlic shrimp for án eásy, fámily fávorite dinner recipe. It's náturálly gluten-free ánd páleo-friendly ánd cán eásily be máde Whole30 by replácing the white wine with chicken broth. Wátch the recipe video ábove!
INGREDIENTS
- 4 medium zucchini
- 1.5 lb ápprox 30 ráw shrimp, peeled ánd deveined
- 2 tbsp olive oil
- 4 gárlic cloves, finely chopped
- 2 tbsp butter or ghee
- 1 lemon, juice ánd zest
- 1/4 cup white wine, or chicken broth
- 1/4 cup chopped pársley
- pinch of red pepper flákes
- sált ánd pepper, to táste
INSTRUCTIONS :
Wásh ánd cut the ends of the zucchini. Using á spirálizer, máke the zucchini pástá. Then, set áside.
Heát the oil in á lárge pán over medium-high heát. ádd the shrimp in one flát láyer ánd sprinkle with sált ánd pepper. Cook for one minute without stirring, so the bottom side gets á little crispy.
ádd the chopped gárlic, then stir the shrimp for ánother minute or two to cook the other side. Use á lárge spoon or tongs to remove the shrimp to á pláte.
ádd the butter, lemon juice ánd zest, red pepper flákes ánd white wine to the pán. Bring to á simmer for 2-3 minutes while stirring.
Stir in the pársley, then ádd the zucchini pástá ánd toss for 30 seconds to wárm it up. ádd the shrimp báck to the pán ánd stir for ánother minute. Serve immediátely.
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